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toubab1020
12306 Posts |
 Posted - 07 Jun 2010 : 14:21:28
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This looks very similar to the growth figures that were projected for the UK economy by the failed Labour government of the last 10 years or so,projections that were badly flawered,
DAVID CAMERON Said,
http://uk.news.yahoo.com/22/20100607/tuk-uk-britain-economy-highlights-fa6b408.html
"No one can deny that the scale of the problem is huge. But what makes this such a monumental challenge is the nature of the problem ... We had a significant deficit problem way before the recession. In fact, much of the deficit is structural. A problem built up before the recession, caused by the government's spending and planning to spend more than we could afford. And it had nothing to do with the recession. And so a return to growth will not sort it out."
This from the D.O.:
link:
http://observer.gm/africa/gambia/article/gambia-economy-projected-to-expand-by-50-in-2010-says-central-bank-governor
Gambia economy projected to expand by 5.0% in 2010 Says Central Bank Governor
Africa » Gambia
Monday, June 07, 2010
Bambo Saho, the governor of the Central Bank of The Gambia (CBG) has disclosed that the Gambia economy is projected to expand by 5.0% in 2010, lower than the revised estimate of 5.6% in 2009.
He added that agricultural valued added is estimated at 4.4%, industry 5.1% and services 4.9%. Governor Saho made the disclosures Friday during a press briefing of the Monetary Policy Committee (MPC) meeting at the Central Bank's Conference room in Banjul. Also present at the meeting were senior officials of commercial banks operating in the country.
Saho informed the gathering that since the last MPC meeting, global output has expanded faster than anticipated, with growth in many emerging economies accompanied by moderate recovery in most advanced economies. "The global recovery is driven mainly by rising manufacturing activity, and the restoration of consumer confidence. World output, which contracted by 0.6% in 2009, is projected to expand by 4.2% in2010 and 2011 respectively. However, the strength of the global recovery is impaired by fiscal fragilities, massive government debt and increasing commodity prices," he said.
He stated that the monetary supply accelerated to 21.7% in the 12 months to end May 2010, compared to 19.4% a year earlier, adding that of the component of money, narrow money rose by 16.1% and quasi-money by a stronger 27.5%. The CBG boss also revealed that net credit to government and claims on public entities rose by 24.6% and 12.1% respectively while lending to the private sector increased by 16.7%.
He further revealed that reserve money grew by 15.7% compared to 8.7% in the preceding year noting that preliminary estimates of government fiscal operations indicate that total revenue and grants amounted to D1.3 billion (23.0% of GDP) in the first three month of 2010 relative to 1.2 billion (24.0% of GDP a year ago. Government expenditure and net lending, he continued, totalled D1.2 bilion (22.7% of GDP), an increase of 6.0% from a year earlier.
"From end-December 2009 to end May 2010, the dalasi depreciated by 2.21% against the US dollar partly reflecting development in the international foreign exchange markets where the US dollar was the comeback currency; appreciating against the major currencies. On the other hand, the dalasi remain resilient against Euro, Pound Sterling and CFA over the past five months. From end December 2009 to end-May 2010, the dalasi appreciated against the Euro, 2.03% and |Pound Sterling by 1.3%," he stated.
Governor Saho observed that the banking industry continues to show increasing signs of resilience with growth in assets, capital and reserves, adding that total industry assets increased to D15.5 billion at end March 2010 from D14.6 billion in December 2009. "Non-performing loans as a ratio of gross loans deteriorated from 12.0% in December 2009 to 16.9% in March 2010. This was a result of the Central Bank's inclusion of restructured loans in non-performing.
However, all loans were adequately provisioned. The risk weighted capital adequacy ratio was at 18.7% in March 2010, higher that minimum requirement of 8.0%. All the banks met the minimum capital requirement," he said. According to him, loans and advances to the private sector, accounting for 51% of total domestic credit, increased to D4.7 billion in March 2010 from D3.7 billion in March. He added that credit to agriculture, manufacturing and building and construction increased by 30.0%, 47.0% and 28.3% respectively.
He continued: "Similarly, credit to distributive trade and other commercial loans rose by 41.6% and 24.1% during the same period. In contrast, loans and advances to fishing and tourism declined marginally by 0.25% and 0.1% respectively. End period inflation, measured by the national Consumer Price Index, declined from 6.1 percent in April 2009 to 4.1% at end April 2010. At 2.4% in September 2009, end-period inflation edged to 2.6% and 2.7% in November and December 2009 respectively. It increased further to 3.6%, 3.8% and 4.0% in January, February and March 2010 respectively."
Saho added that food consumer price inflation declined to 5.3% in April 2010 from 7.8% in April 2009, saying food inflation was 8.3% and 7.8% at end-March and end-April 2009 before declining to 6.7% and 2.7% in the second and third quarters of 2009. #147;While consumer food inflation was below 3.0% in the fourth quarter of 2009, it surged to 5.0% at end-March 2010 before setting at 5.3% at end-April 2010,#148; he stated.
Outlook
According to the CBG boss, the outlook of the Gambia economy for the remainder of 2010 remains positive, reflecting increased global activity, expansion in agriculture production and moderate growth in residential construction.
He stated that though inflation has begun to pick up slightly, it is expected to remain low in single digits, adding that the risks to the outlook mainly relates to the strength of the global recovery, increase in volatility in the international commodities market, particularly oil prices and uncertainty in financial markets. He explained that taking the above-mentioned factors into consideration, including the risk to the outlook, the MPC has decided to maintain the re discount rate at 14.0%.
Author: Daily Observer
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Edited by - toubab1020 on 07 Jun 2010 14:36:40 |
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toubab1020
12306 Posts |
Posted - 08 Jun 2010 : 09:37:53
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That's all right then, everyone is happy  |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Edited by - toubab1020 on 08 Jun 2010 09:38:29 |
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